Middle East

Vår Energi’s Oslo IPO may value it for $ 9 billion

oil Gas company Vaar Energi said Friday that the stock market listing scheduled for this month in Oslo could value Eni’s spin-off at up to NOK 79 billion ($ 9.1 billion).

The advertised price tag could become Vaar Norway’s third-largest new stock market entrant in history and was only exceeded by an initial public offering (IPO) in 2001. oil 2021 list of company Equinor and warehouse robot company AutoStore.

Last month, Eni announced its intention to list https://www.reuters.com/article/eni-vaar-ipo-idUSKBN2JY0DK Vaar on Euronext’s Norwegian stock market. This is one of several moves by the Italian energy group to free cash from legacy fossils. Fuel the company to fund its green drive.

Vaar said on Friday that it would sell its shares for NOK 28-31.5 and value NOK 70-79 billion, respectively, with the aim of opening trading on February 16.

The offer initially constitutes 8.8% of Vaar’s stock and has the option of increasing the size of the IPO to 12.7% of the stock.

Eni currently owns 69.85% of Vaar and says it will continue to be a majority shareholder. Hitec Vision, a private equity investor who is a junior partner in the joint venture, owns the remaining 30.15%.

IPOs in the oil industry have been tough in recent years, with prominent companies such as Wintershall DEA and Neptune Energy repeatedly postponing listings.However oil And gas prices have skyrocketed recently, reviving investors’ appetite.

On Friday, Vaar raised its 2022 forecast dividend from the $ 700 million announced last month to a minimum of $ 800 million. Of this, the first-quarter payment plan is $ 225 million, up from the previously predicted $ 200 million.

Vaar is about 247,000 barrels oil In the third quarter of 2021, it is equivalent to one day, and we are aiming for about 350,000 barrels per day by the end of 2025.

Financial advisors involved in the IPO are DNB Market, JP Morgan, Morgan Stanley, Spare Bank 1 Market, ABG Sandals Collier, BofA Securities, Carnegie, Jeffreys and Pareto Securities.

($ 1 = 8.6999 Norwegian krone)

(Report by Terje Solsvik, edited by Kim Coghill and Edmund Blair)

https://www.oedigital.com/news/494043-v-r-energi-s-oslo-ipo-may-value-it-at-9b Vår Energi’s Oslo IPO may value it for $ 9 billion

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